Bouchard v. Commissioner
United States Tax Court
1. The petitioner's husband, a resident of Maine, died testate on December 4, 1951. In 1940 he executed a will by which he made token bequests of $ 1 to each of his five children and gave the residue of his estate to the petitioner. Prior to April 13, 1950, the decedent maintained a margin account with a stock brokerage company in Boston, Massachusetts.
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1. The petitioner's husband, a resident of Maine, died testate on December 4, 1951. In 1940 he executed a will by which he made token bequests of $ 1 to each of his five children and gave the residue of his estate to the petitioner. Prior to April 13, 1950, the decedent maintained a margin account with a stock brokerage company in Boston, Massachusetts. Being concerned about his health and desiring to make an arrangement whereby the securities in the account would be readily available to petitioner in the event of his death, the decedent and petitioner on April 11, 1950, executed a joint…
1Opinion of the Court
Withey, Judge:
The Commissioner has determined a deficiency of $25,449.44 in the petitioner’s income tax for the taxable year ended July 31, 1952. The issue presented is whether the respondent erred in determining that the petitioner acquired by gift from her deceased husband certain corporate stocks sold or exchanged by petitioner during the taxable year and that petitioner’s basis for computing gain on such stocks was the basis of the stocks to her husband as provided in section 113(a) (2) of the Internal Revenue Code of 1939, instead of determining that the petitioner acquired the stocks…
2Cases cited7 opinions
- Crooks v. HarrelsonSupreme Court of the United States · 1930
- Allen-West Commission Co. v. GrumblesCourt of Appeals for the Eighth Circuit · 1904
- Weil v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1936
- Tracy v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1934
- Heller v. CommissionerUnited States Board of Tax Appeals · 1940
2 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Bouchard v. CommissionerUnited States Tax Court · 1960
- Kraft v. CommissionerUnited States Tax Court · 1969